Procter & Gamble on Wednesday reported quarterly earnings and revenue that topped Wall Street’s expectations as price hikes drove higher razor and laundry detergent sales.
However, inflation is still putting pressure on the company’s profits. Despite raising its fiscal 2022 revenue growth outlook, the consumer goods giant said it expects its core earnings per share for the year to be on the lower end of its prior range.
Shares of the company rose roughly 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.33 adjusted vs. $1.29 expected
- Revenue: $19.38 billion vs. $18.73 billion expected
P&G reported fiscal third-quarter net income of $3.36 billion, or $1.33 per share, up from $3.27 billion, or $1.26 per share, a year earlier.
Excluding items, the company earned $1.33 per share, topping the $1.29 per share expected by analysts surveyed by Refinitiv.
Net sales rose 7% to $19.38 billion, beating expectations of $18.73 billion.
This is breaking news. Please check back for updates.